You must choose a brand and determine a new product, service, or a collaboration between two different brands, (i.e. Adidas and Kanye West “Yeezy”), that does not exist for the brand – meaning, the brand does not currently offer it to consumers. This is a mistake made by a few groups in the past. Be sure to thoroughly research the internet to ensure your brand does not currently offer this product, service, etc., otherwise your paper will not be accepted. If you are unsure, check with me.
Next, write an introduction/description of the brand itself that includes a brief history as well as a current SWOT analysis of the brand. You then need to introduce and briefly explain the rationale of your brand’s new product or service – specifically how will this new product benefit the brand? How will it satisfy a specific need or want for consumers? You do not have to elaborate too much because this is what the 4Ps section is for. You simply want to introduce the product and explain the rationale at the end of the intro. Here is an example of the rationale statement:
“Blue Apron will license its brand with Amazon/Whole Foods and sell meal kits and fully prepared “meals to go” at all U.S. based Whole Foods Markets. The rationale for this new service is to combat the loss of market share Blue Apron is experiencing in terms of its steadily decreasing online subscription base. The company sustained a 50% loss of online subscribers between January 2017 and January 2018 (source). The goal of the partnership is to position Blue Apron as a high quality “meals-to-go and meal kit brand” to consumers who seek healthy food choices.”
You then need to complete a thorough 4Ps analysis with specific categories: product, price, placement, promotion. The 4Ps analysis must directly relate to your new product, service, or collaboration idea.
You must use the following subheadings to organize your paper:
- SWOT Analysis
- New Product or Service Rationale
- 4 Ps Analysis with subtitles: Product, Pricing Model, Placement, and Promotion
- Works Cited (in-paper citations and a list of citations in APA format at the end of your paper)
The word count of your paper should fall between 1000 to 1300 words of text (about four to five pages). Supporting cites, sources, etc., are required and need to appear WITHIN your document AND SEPARATELY at the end of the paper in a Works Cited Section. At least FOUR industry sources are required for this paper. Use APA style for referring to sources within your paper and in your separate cite/source list. Make sure your Works Cited page is well organized, easy to interpret and in-paper cites are BOLDED. I strongly recommend you number sources and reference the numbers within your paper. I check the validity of all sources as well as the citation pattern within your document. Make sure you carefully review the grading rubric for this assignment in order to address all deliverables.